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Doyle Company issued $367,000 of 10-year, 4 percent bonds on January 1, Year 1. The bonds were issued at face value. Interest is payable
Doyle Company issued $367,000 of 10-year, 4 percent bonds on January 1, Year 1. The bonds were issued at face value. Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in land. The land was leased for an annual $49,500 of cash revenue, which was collected on December 31 of each year. beginning December 31, Year 1. Required a. Prepare the journal entries for these events, and post them to T-accounts for Year 1 and Year 2. Complete this question by entering your answers in the tabs below. Req A1 Req A2 Post the entries to T-accounts for Year 1 and Year 2. (Select "cl" for all the closing entries.) ences Year 1 End. Bal Year 2 Cash Year 1 Land End Bal Retained Earnings Year 1 End Bal Bonds Payable End Bal Year 1 Year 2
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